Bitcoin Price Retraces After CPI Pump, BONK Dumps 11% Daily (Market Watch)

Bitcoin’s price pumped hard yesterday and neared $60,000 after the CPI numbers came out, but lost all momentum and retraced by over two grand.

Most altcoins are quite sluggish on a daily scale. Yet, there are many big losers, such as BONK, RNDR, BRETT, PEPE, and WIF.

BTC Slumps After CPI Pump

The primary cryptocurrency dumped hard last Friday to a multi-month low of under $54,000. The asset bounced off during the weekend and pumped above $58,000, but that was short-lived. In a matter of hours, the bears returned and pushed it south once again.

The start of the business week was more volatile again, with another pump and dump around $58,000 and $55,000. Later on during the week, BTC tried to exceed $59,000 but failed at its first attempt.

However, the US CPI numbers (yesterday) came back to be better than expected. This resulted in an immediate price surge to a multi-day peak of $59,500. Once again, though, the bears came out of the woods and propelled another leg down, which drove BTC south by more than two grand.

As of now, bitcoin stands inches above $57,000. Its market cap is under $1.130 trillion, and its dominance over the alts is below 51% on CG.

Bitcoin/Price/Chart 12.07.2024. Source: TradingView

BONK Goes Down

Most altcoins went on a similar ride yesterday after the CPI numbers came out, but have calmed and sit on a similar spot as yesterday. ETH, BNB, SOL, DOGE, XRP, and SHIB are slightly in the red, while LINK have dumped by more than 3%.

In contrast, AVAX, TRX, TON, DOT, and ADA are slightly in the green on a daily scale.

The biggest losers from the mid-cap alts are BONK (-11%), RNDR (-9%), BRETT (-7%), AKT (-7%), and STRK (-7%).

The total crypto market cap has lost some traction and is down to $2.220 trillion.